Growth vs. opportunity in insurtech strategy Insurers are continuing to invest in insurtech in a variety of ways, working out how to best leverage the financial and technological growth of this emerging marketplace. An interesting case is that of Allianz, with the recent announcement that the company is switching models from a startup incubator to a venture fund.
HOW INSURERS ARE USING DRONES RIGHT NOW—NEW APPLICATIONS Drones are becoming widely used in a variety of industries, including insurance. As mentioned last week, millions are expected to be sold in 2017 with PwC calculating the global market for the commercial application of drones at over $127 billion.
Next-Generation Telematics: the Journey has only just Begun Telematics have been around in insurance for a long time and, although there have been some notable successes, there is still significant value to unlock. Certainly, in the UK market, telematics propositions are focused on younger drivers who are essentially forced into the product to lower insurance premiums.
Insurtech accelerator gets the thumbs up from the FCA InsurTech Gateway, said to be the first insurtech accelerator authorised as an insurance broker by the Financial Conduct Authority, has entered the market to provide funding, insurance capability, and a complete testing environment for start-ups. It has underwriting capability in place with Aspen Insurance UK.
Digital Distribution = Insurance Big Bet Insurance traditionally has been sold through physical channels i.e. Agents or Brokers, hence termed as ‘traditional channel’. This requires an experienced skillset, physical touchpoints with the customer, a detailed understanding of the needs assessed onsite, and complete understanding of the varied products on offer.